Torrent Pharma

托伦特制药

is in advanced discussions with private equity group KKR to buy JB Chemicals and Pharmaceuticals, almost 10 months after their initial discussions fell through, said multiple people aware. KKR the controlling shareholder owns 47.84% of the company via its investment vehicle TAU Investment.

据多位知情人士透露，与私募股权集团KKR就收购JB化学品和制药公司的高级别谈判正在进行中，此前他们的初步谈判在近10个月前破裂。KKR作为控股股东，通过其投资工具TAU Investment持有该公司47.84%的股份。

The transaction will include buying out KKR from its 5 year old investment. In July 2020, KKR acquired around 54 percent of JB Pharma from its promoters and founders, the Mody family, for approximately Rs 3,100 crore translating to Rs 745 per share. It will also trigger an open offer for an additional 26% of the company.

该交易将包括买断KKR在其5年前的投资。2020年7月，KKR以约310亿卢比（每股745卢比）的价格从其发起人和创始人莫迪家族手中收购了JB Pharma约54%的股份。此交易还将触发对公司额外26%股份的公开收购要约。

If fully successful, Torrent could end up owning 73.84 per cent of the company..

如果完全成功，Torrent可能最终拥有该公司73.84%的股份。

At current price, that could lead to a Rs 20,734.61 crore buyout for Torrent – its largest so far. Acquisition of KKR’s stake alone would translate to a Rs 13,433.69 crore transaction.

以当前价格计算，这可能导致Torrent公司有史以来最大的一笔收购，金额达2073.461亿卢比。仅收购KKR的股份就将构成一笔1343.369亿卢比的交易。

A formal announcement is expected in coming weeks, one of the sources mentioned above added.

预计将在未来几周内正式宣布，上述消息人士补充道。

JB Chemicals closed Friday at Rs 1799.35/share, up 3% from the previous day’s closing. Its current market value is Rs 28,080.46 crore. The JB Chemical stock had touched a 52-week high on 16th August 2024, and has dropped 4.58% year to date.

JB化学公司周五收盘价为每股1799.35卢比，较前一日收盘价上涨3%。其当前市值为28,080.46亿卢比。JB化学股票曾在2024年8月16日触及52周高点，今年以来已下跌4.58%。

Live Events

现场活动

JB Pharma has been a turnaround story backed by a string of deals and a push to some of its own brands like Nicardia (hypertension), Rantac (antiulcer), Cilacar and Metrogyl (antibacterial). For Torrent, these hit brands will come handy in the hyper competitive branded generic market in India, more so because these products have a strong reputation with the doctors.

JB Pharma 通过一系列交易和对其自有品牌（如 Nicardia（高血压）、Rantac（抗溃疡）、Cilacar 和 Metrogyl（抗菌））的推动，实现了扭亏为盈。对于 Torrent 来说，这些畅销品牌将在印度竞争激烈的仿制药市场中派上用场，尤其是因为这些产品在医生中享有很高的声誉。

Of the total sales of roughly Rs 3900 crore, JB leading eight brands account for half. Additionally, Torrent will make an entry into the .

在总计约 3900 千万卢比的销售额中，JB 领先的八个品牌占了一半。此外，Torrent 将进入 。

CDMO business

合同开发与生产组织业务

via JB Pharma's high quality alliances with multinational companies for cough lozenges.

通过JB Pharma与跨国公司在咳嗽含片方面的高质量联盟。

Torrent, Alkem and EQT were in separate negotiations with KKR last year, when the US buyout fund had launched a formal sale process but that failed due to valuation mismatch. The talks are believed to have resumed bilaterally in recent weeks.

Torrent、Alkem 和 EQT 去年分别与 KKR 进行了谈判，当时这家美国收购基金启动了正式的出售程序，但由于估值不匹配而失败。据悉，最近几周双方的谈判已恢复。

KKR declined to comment. Mails sent to Torrent Pharma did not generate a response till press time.

KKR拒绝置评。截至发稿时，发送给Torrent Pharma的邮件尚未得到回复。

Ahmedabad headquartered Torrent is also holding financing negotiations with HSBC, Standard Chartered Bnak and Barclays to arrange $1.6 billion rupee financing. The three were the financing banks last year as well, so they have sought “refreshed approvals on the bond structure.” The INR bond facility is being raised to fund the equity requirement for the transaction and is likely to be backed by promoter group entities or select downstream cash flows,” one of the people said..

总部位于艾哈迈达巴德的Torrent公司也在与汇丰银行、渣打银行和巴克莱银行进行融资谈判，以安排16亿美元的卢比融资。这三家银行去年也是融资银行，因此他们已经就“债券结构”寻求了“重新批准”。其中一位人士表示：“此次印度卢比债券融资将用于满足该交易的股权需求，并可能由发起人集团实体或选择下游现金流提供支持。”

Mails to HSBC remained unanswered as of press time Friday, while Standard Chartered and Barclays spokesperson declined to comment.

截至周五新闻发布时间，汇丰银行的邮件仍未得到回复，而渣打银行和巴克莱银行的发言人拒绝置评。

Moneycontrol was the 1st to report that Torrent has revived its

Moneycontrol率先报道了Torrent已经恢复了其

JB Chemicals buyout

JB化学品收购

plans on Friday evening.

周五晚上的计划。

Earlier this March, KKR sold a little above 5% stake in the open market via a block deal and raised Rs 1459 crore. “Unlike Max Healthcare, where KKR sold significant chunks of the company, in JB Chemicals selling close to 50% would have been difficult. Torrent has always been keen but last time there was a difference in price expectations and the stock had significantly run up,” said an industry executive on condition of anonymity..

今年3月初，KKR通过大宗交易在公开市场出售了略高于5%的股份，筹集了1459亿卢比。一位业内高管匿名表示：“与Max Healthcare不同，在那里KKR出售了公司的大量股份，而在JB Chemicals出售近50%的股份会比较困难。Torrent一直很有兴趣，但上次价格预期存在分歧，并且股价已大幅上涨。”

In 2023, Torrent was aggressively pursuing a $7 billion buyout of Cipla that got aborted following differences within the promoter family. It also made a billion dollar play to take over Biogaran, France’s largest generics company, from Servier last year, before the French government intervened to block the divestment..

2023年，Torrent曾积极追求以70亿美元收购Cipla的交易，但因家族内部意见分歧而流产。去年，该公司还曾试图以10亿美元收购法国最大的仿制药公司Biogaran（隶属于Servier），但因法国政府介入阻止了该资产剥离而未能成功。

Torrent’s current market capitalisation is Rs 1,13,184.61 crore with the promoters, the Mehta family, owning 68.21% of the company.

Torrent当前的市值为113,184.61亿卢比，其中发起人梅塔家族拥有公司68.21%的股份。

TURNAROUND STORY

转型故事

Under CEO Nikhil Chopra, who was brought in by KKR from Cipla, JB Pharma has seen a significant ramp up in its sales and profitability. For the financial year 2024-25, JB Pharma recorded a revenue of Rs 3,918 crore compared to Rs 3,484 crore in FY23-24, registering 12 percent growth.

在KKR从Cipla引进的首席执行官尼基尔·乔普拉（Nikhil Chopra）的领导下，JB Pharma的销售和盈利能力显著提升。在2024-25财年，JB Pharma实现营收391.8亿卢比，相比2023-24财年的348.4亿卢比，增长了12%。

JB Pharma has also aligned with

JB制药也与之保持一致

Novartis

诺华

to sell its new generation cardiovascular drug Izirize (inclisiran), demonstrating its deeper and innovative drugs presence in the cardiology market.

销售其新一代心血管药物Izirize（inclisiran），展示其在心脏病学市场中更深入和创新的药物存在。

In a recent interview with ET, Torrent Pharma MD designate Aman Mehta told ET recently that he is aiming to be in the top three slot in the Indian market in three to five years. 'As far as the India market is concerned, we have reached the position today through mainly inorganic growth over the last decade.'.

在最近接受《ET》采访时，Torrent制药公司指定总经理阿曼·梅塔最近告诉《ET》，他的目标是在三到五年内进入印度市场的前三名。 “就印度市场而言，通过过去十年的主要无机增长，我们已经达到了今天的位置。”

He added “Our rank was much lower 10 years ago than it is today. That's certainly a big positive that has happened in the sense that from where we were to where we are, we are in a much stronger position to invest further and even grow the business from here.”

他补充说：“我们的排名比10年前要低得多。从某种意义上说，这确实是一个很大的积极变化，因为从我们过去的位置到现在的地位，我们已经处于一个更有利的位置，可以进一步投资，甚至从这里发展业务。”

While hinting at big buyouts, Mehta said, 'I would say that from here onwards, acquisitions will continue to remain a priority. And the top three in the Indian market is something that we have our eyes on. Organically it may be difficult to achieve in the near term. But certainly through inorganic growth it seems quite possible, and may be in the next couple of years, if something materializes, that certainly is going to be part of our ambition.'.

在暗示大规模收购时，梅塔表示：“我想说的是，从现在开始，收购将继续成为我们的优先事项。印度市场排名前三的企业是我们关注的目标。短期内通过有机增长实现这一目标可能比较困难。但通过非有机增长，这似乎非常有可能实现，并且如果在未来几年内有合适的机遇出现，那必然是我们雄心的一部分。”

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